RBC analyst Tom Narayan shared the firm’s prediction that Tesla will beat Wall Street’s Q3 delivery result estimates.
Narayan has a $224 price target and a BUY rating for Tesla. RBC predicts that Tesla will report delivering 432,700 Model Y and 3 units and 27,300 Model S and X vehicles for a total of 460,000 units. In comparison, Wall Street consensus is that Tesla will report delivering 449,232 Model 3, Y, S, and X vehicles in the third quarter.
In a recent interview the RBC analysts stated that Tesla seems to be a place where investors can find safety. Narayan referred to the state of the global auto market lately, which is declining. Even top legacy automakers, like Stellantis, has been struggling.
“We also seeing it in relative basis, which I think how most auto investors look at [it]…versus what’s happening in the rest of the industry,” replied Narayan when asked about RBC’s positive outlook on Tesla’s Q3 2024 delivery results.
“This Stellatnis profit warning comes on the back of three other profit warnings from European automakers in just the past couple of weeks. So I do think a lot of folks are looking for safety. Tesla interestingly seems to be that place where they can get that,” he added.
NEWS: @Tesla is a place where investors can find safety, says RBC's Tom Narayan. $TSLA pic.twitter.com/YnRjXmklMG
— ALEX (@ajtourville) September 30, 2024
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